Foreign Investment Law in Dubai
September 13, 2008
Laws are rules and guidelines created by every country to protect itself and guidelines to outsiders who deal with it. A foreign investment law is created by nations to regulate, improve and increase the flow of foreign money into their country. This law aims protect the assets, property and rights of the foreign individual and institutional investors. These laws not only accelerate inflow of wealth into the country but also increase the inflow of intelligent ideas, business opportunities and infrastructure growth in the nation. This in turn develops the nation and sky rockets its growth.
The Foreign Investment Law in UAE is in the early drafting stages and will be passed in 2008. This information has been given by the UAE ministry of Economy. It is expected that this law will give better opportunities for Investment in Dubai, UAE. The federal government has set up a new committee that will draft the foreign investment law of this nation.
As a part of this committee, various officials from the varied ministries of Economy finance and industry will be present. Also, there will be representatives of 35 big business corporations (both from public and private sectors) who will be part of this committee. Drafting this law is cumbersome, challenging and time consuming because each member of the committee has a different view about the guidelines for foreign investments, in Dubai. Also, each emirate has a different standard for foreign investment because the laws relating to ownership of land, formation of company and so on are different in each emirate.
The UAE Minister of Economy, Sheikh Luna AL Quinine, is fully focused on getting more foreign investment inflow into UAE. Thus, he is working hard on creating properly effective and efficient foreign investment law in UAE. He mentioned in the National Investment Reform workshop in UAE last year that this law will serve a completely comprehensive guide for all foreign investors. Also, this law will regulate and direct the foreign direct investments into the nation. Therefore, the foreign Investment law is next on the list of eagerly awaited Legal regulations globally.
This is because Dubai is turning to become the focal point of global attention. More and more people are interested in investing here. The real estate and property market here is in the boom stage. It is giving returns of 30% or more to the Investors every year. Therefore, this law will further improve this trend and accelerate foreign capital inflow into this country.
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